Luxury goods in India valued at over Rs 10 lakh, such as handbags, watches, art pieces, and yachts, will now be subject to a 1% Tax Collected at Source (TCS) starting from April 22. This new provision, as outlined in the Finance Act 2024, is designed to empower the income tax department to monitor high-end transactions more effectively by requiring the submission of PAN details. The move is intended to curb tax evasion and ensure greater transparency in the luxury goods market.